{
  "id": 15979576,
  "title": "Zuckerberg told Meta directors he might leave California, where he could lose billions to a wealth tax. Meta answered with a new class of stock",
  "url": "https://urgent.news/2026/10/21/zuckerberg-told-meta-directors-he-might-leave-california-where-he",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-21T23:59:13.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/10/21/zuckerberg-meta-california-wealth-tax-billions-class-c-stock/"
  },
  "original_language": "en",
  "account": "Meta CEO Mark Zuckerberg discussed the possibility of leaving California, where he might face a large wealth tax, during a meeting with board members. In response, Meta announced plans to issue a new class of stock called Class C shares. These shares, distributed as a one-for-one stock dividend, come with no voting rights and are designed to help Zuckerberg maintain control over the company, fulfill his pledge to fund the Chan Zuckerberg Initiative, and pay potential California wealth tax. The new Class C shares will allow Zuckerberg to pay employees, fund acquisitions, and raise capital without losing his majority voting control or having to sell his Class B shares, which carry 10 votes per share. Zuckerberg currently holds about 60.6% of voting control and 13.4% of the company's shares. The new Class C shares will enable him to sell 20% now and the remaining 80% only if he sells or converts an equal number of his voting shares.",
  "summary": "Meta could have raised about $700 billion in equity capital before Zuckerberg lost majority control, a filing shows. The new share class will raise money without diluting him—and allow him to foot a potential bill in California.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 7,
    "also_reported_by": [
      {
        "outlet": "Forbes",
        "title": "Meta Posts $64 Billion In Revenue And Announces Stock Split In Q3 Earnings",
        "url": "https://urgent.news/2026/10/21/meta-posts-64-billion-in-revenue-and-announces-stock-split-in-q3",
        "published": "2026-10-21T20:25:17.000Z"
      },
      {
        "outlet": "Deadline",
        "title": "Meta Tops Q3 Revenue Estimates, But Earnings Hit By Teen Lawsuit Settlement; Stock Split Creates Class C Shares",
        "url": "https://urgent.news/2026/10/21/meta-tops-q3-revenue-estimates-but-earnings-hit-by-teen-lawsuit",
        "published": "2026-10-21T20:30:41.000Z"
      },
      {
        "outlet": "Business Insider",
        "title": "Meta creates a new stock class to keep Zuckerberg in control",
        "url": "https://urgent.news/2026/10/21/meta-creates-a-new-stock-class-to-keep-zuckerberg-in-control",
        "published": "2026-10-21T21:58:36.000Z"
      },
      {
        "outlet": "CNBC World",
        "title": "Stock futures fall as investors digest earnings from Meta and Tesla: Live updates",
        "url": "https://urgent.news/2026/10/21/stock-futures-fall-as-investors-digest-earnings-from-meta-and-tesla",
        "published": "2026-10-21T22:55:25.000Z"
      },
      {
        "outlet": "The Mainichi",
        "title": "Meta Q3 revenue tops estimates and Zuckerberg says Muse accounts have topped 10 million",
        "url": "https://urgent.news/2026/10/21/meta-q3-revenue-tops-estimates-and-zuckerberg-says-muse-accounts-have",
        "published": "2026-10-21T23:00:11.000Z"
      },
      {
        "outlet": "Straits Times Business",
        "title": "Meta offers Zuckerberg new shares to keep him in California",
        "url": "https://urgent.news/2026/10/21/meta-offers-zuckerberg-new-shares-to-keep-him-in-california",
        "published": "2026-10-21T23:52:00.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}